American Resources Corp

For the period ended Dec 31, 2025. Filed May 20, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed May 20, 2026

AREC$1.08-7.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the years ended
	December 31,
2025 · 2024
(As Revised)
Cash Flows from Operating activities:
Net income (loss)	$55,385,211		$(39,203,970)
Net income (loss) from discontinued operations	73,219,707		(23,242,809)
Net loss from continuing operations	(17,834,496)		(15,961,161)
Adjustments to reconcile net loss to net cash
Stock-based compensation expense	9,235,377		3,725,484
Depreciation expense	122,916		123,253
Loss on settlement/conversion of debt to equity	5,193,382		-
Interest and dividend income	(559,476)		-
Investment in other entities - Related Parties, net	84,063		409,268
Issuance of common shares for consulting services	83,969		143,575
Allowance for losses on note receivable	280,000		-
Unrealized gain on short-term investments			45,514
Change in current assets and liabilities:
Interest receivable	-		(85,991)
Accounts receivable – related party	(1,970,096)		8,457,521
Prepaid expenses and other current assets	(2,015,109)		69,667
Trade and non-trade payable	(2,989,695)		4,100,581
Accrued expenses	(608,180)		544,856
Accrued interest	(13,616)		44,969
Operating lease assets and liabilities, net	81,863		846
Operating lease assets and liabilities, net - related party	497,253		373,419
Cash (used in) provided by operating activities	(10,411,845)		1,991,801
Cash Flows from Investing activities:
Purchase of property and equipment, net of capitalized interest income and (expense)	(37,297)		230,932
Purchase of certificate of deposit	(5,000,000)		-
Proceeds from short-term investments, net	-		715,036
Purchases of short-term investments/securities	(34,323,318)		-
Cash (used in) provided by investing activities	(39,360,615)		945,968
Cash Flows from Financing activities:
Proceeds from equity offering, net of issuance costs	68,123,675		-
Proceeds from long-term debt	965,286		-
Exercise of warrants for common stock	7,525,000		-
Proceeds from the exercise of stock options and warrants			189,239
Proceeds received from other financing obligation	8,071,908		2,484,694
Repayments of other financing obligation	(3,412,948)		(7,025,901)
Cash provided by (used in) financing activities	81,272,921		(4,351,968)
Net change in cash, cash equivalents and restricted cash from continuing operations	31,500,460		(1,414,199)
Cash flows from discontinued operations:
Net cash flow used in discontinued operating activities	(7,370,831)		(23,235,014)
Net cash flow used in discontinued investing activities	(3,825,518)		(126,346,329)
Net cash flow used in discontinued financing activities	13,475,625		150,031,311
Net change in cash and cash equivalents, discontinued operations	2,279,276		449,968
Cash and cash equivalents, including discontinued operations, beginning of year	4,113,329		5,077,560
Cash and cash equivalents, including discontinued operations, end of year	37,893,065		4,113,329
Less: Cash and cash equivalents at end of period discontinued operations	5,810,379		3,531,103
Cash, cash equivalents, and Restricted Cash	32,082,686		$582,226
SUPPLEMENTAL CASH FLOW INFORMATION
Exercise of cashless common stock options and warrants	$59		$87
Dividend-in-kind of Novustera, Inc. common stock to shareholders	-		$1,361,788
Acquisition of assets through operating leases – related party	-		$1,897,736
Common stock issued to settle accounts payable and accrued expenses	6,309,329		1,116,100
Common stock issued to settle debt	6,413,307	$	-

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.